Dilution of Per-Share Value and Voting Rights Resulting from the Exercise of Share Acquisition Rights
First written in FY2022. 4 of 7 entries say "Materialised", first in FY2023-Q2. Latest entry: FY2026-H1.
Grcs moved to the "Worse" side of this theme in 2023, 2 years after the typical company in this theme (2021).
The whole theme swung hardest in 2017: 18 of 36 companies on the "Worse" side.
43 other companies' latest entry also says "Materialised".
- FY2026-H1MaterialisedAnnual report
「Between 1 December 2025 and 1 February 2026, 20,000 shares were issued through the exercise of stock acquisition rights; 115,000 shares were issued through a third-party allotment on 2 February 2026; and 11,400 shares were issued through the exercise of stock acquisition rights between 3 February and 31 May 2026, bringing the total number of issued shares to 1,526,530.」
Share issuances through the exercise of stock acquisition rights and a third-party allotment actually occurred, increasing the total number of issued shares. Meanwhile, the fifth series of stock acquisition rights lapsed on 12 May 2026 upon expiry of the exercise period. - 2026-04-14MaterialisedManagement plan
「On 22 January 2026, 200 units were exercised, increasing the total number of issued shares by 20,000」
The company reported an increase in issued shares resulting from the exercise of stock acquisition rights. - FY2025WorsenedAnnual report
「As of the date of submission of this document, the number of potential shares attributable to stock acquisition rights was 319,970, equivalent to 23.18% of the total number of issued shares of 1,380,130.」
The number of potential shares increased to 319,970, or 23.18% of the total number of issued shares, raising the potential for dilution from the previously disclosed 7.70%. - FY2024-Q2WorsenedAnnual report
「13 May 2024 (Note) 66,000 1,380,130 59,994 363,524 59,928 313,458 (Note) Paid third-party allotment Issue price ¥1,817 Capitalization amount ¥909 Allottee マイルストーン・キャピタル・マネジメント株式会社. Class, details and number of shares underlying stock acquisition rights (shares)* Common shares 254,000 (Notes) 1, 3.」
In addition to a 66,000-share increase in issued shares through a paid third-party allotment, the disclosure now includes new share issuances and potential shares, including 254,000 shares underlying the fifth series of stock acquisition rights. The number of shares that could dilute existing shareholders has now been specified. - FY2023-Q3MaterialisedAnnual report
「Change in total number of issued shares (shares) 4,110 (Note) Increase due to the exercise of stock acquisition rights.」
The exercise of stock acquisition rights occurred between 1 June and 31 August 2023, increasing the total number of issued shares by 4,110. - FY2023-Q2MaterialisedAnnual report
「The increase resulted from the exercise of stock acquisition rights. 2. Between 1 June 2023 and 30 June 2023, the exercise of stock acquisition rights increased the total number of issued shares by 3,160 and increased capital and capital surplus by ¥3.160 million each.」
The issuance of shares through the exercise of stock acquisition rights actually occurred, and the total number of issued shares increased by 3,160 in June 2023. The event underlying the dilution risk has materialized. - FY2022First statedAnnual report
「As of the date of submission of this document, the number of potential shares attributable to stock acquisition rights was 100,790, equivalent to 7.70% of the total number of issued shares of 1,309,800.」
The company describes the possibility that the issuance of shares through the exercise of stock acquisition rights may dilute existing shareholders' share value and voting rights, together with the figure of 7.70% for potential shares.